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Make a New Year resolution to tick off your tax return and avoid hefty fines, warns Sudbury tax specialist
8th January 2018
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Make a New Year resolution to tick off your tax return and avoid hefty fines, warns local tax specialist

 

Local small businesses are being urged not to miss the 31st January deadline to complete their online tax returns, or they could face hefty fines.

 

Gary Perrens who runs TaxAssist Accountants in Sudbury said:  "January can be one of the busiest periods for businesses, particularly in the leisure and retail industries, so we’re urging local employers not to get distracted and miss the 31st January deadline for filing their online tax returns.

 

“Some 840,000 UK businesses missed the deadline on 31st January last year, netting HMRC £84 million in fines. Even if they were only one day late filing their tax return online and even if they did not owe any tax, an immediate £100 penalty applied.

 

“The Government has said it plans to change to a driving licence-style points system for late filing of tax returns, but currently, in addition to the immediate fine, the figure will spiral, depending on how late the payment is, and could reach as much as £1,600.

 

“There are enough calls on local business owners’ hard-earned cash, without facing penalties for missed tax return deadlines. We’re urging them to make one of their New Year’s resolutions to tick off their tax return and avoid hefty fines.”

 

Accountants Sudbury is a local business providing tax and accountancy advice and services purely to other small businesses.

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Penny W

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Hello! I'm Penny from thebestof Sudbury, shouting about the best local businesses from Hadleigh through the Clare. When I'm not doing that, you'll find me knitting socks or tending to my 6 chickens

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